Mortgage rates show largest weekly drop in four decades
With inflation showing signs of cooling, the national average for mortgage rates saw their largest weekly drop since 1981. Mortgage rates have been on the rise since the Federal Reserve started their campaign of hiking interest rates to tame inflation. According to Freddie Mac, rates started the week at 7.08% and ended the week of November 17th at 6.65%.
While rates are still higher than they were a year ago, a decline is likely a relief to home buyers looking to get back into the market.
What are the latest predictions for the housing market in 2023?
In a recent interview with CNBC, Spencer Rascoff, Pacaso co-founder and the former CEO of Zillow, stated that he expects home prices to decline in 2023, but he doesn’t think the market will look anything like 2008.
Rascoff claims that the housing market is ‘stuck’ due to the current high-rate environment. Homeowners that have a mortgage likely have it at a lower rate than currently available and don’t want to leave, and folks that want to get into homes can’t find inventory. Key differences from 2008 cited included the record homeowner equity and the lack of subprime mortgages in the market.
What does the most expensive property for sale in Weston, MA look like?
A six-bedroom, 17,000 sq. ft. home in Weston, MA is on track to be the most expensive listing ever sold in the area if it meets its asking price of $38 million.
The Frank Lloyd Wright-inspired home comes with 12.6 acres of land, several sculptures by Joel Shapiro and Beverly Pepper, and an impressive infinity pool with a fire pit, a hot tub, and a waterfall. The home also offers a glass-walled hallways, a spa area, a massage room, a game room, a complete fitness center, a glass-enclosed wine room, and a reclaimed-wood lounge. A formal cocktail area, marble bathrooms, and a granite fireplace are also included.
While this may be out of reach for most home buyers, there are still available options that won’t require visiting an auction house. Take a look at the current mortgage rates to get more information about available options. From jumbo loans to VA mortgages, and everything in between, we can help.
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